P&O Ports,owned by the Government of Dubai, has won a 30-year concession for the management and development of a multi-purpose port project at Bosasso in the Puntland State of Somalia. The approximate investment for the modern multi-purpose facility will be USD $ 336m (approx. AED 1.235b) divided into two phases: USD $136 million (approx. AED500m) for Phase 1 and USD$ 200 million (approx. 745m) for phase 2.